August 20, 2004, 12:00 AM

Sharper Image’s Q2 web sales, up 14%, lag total sales increase of 20%

Internet sales at Sharper Image Corp. increased 14% to $20.4 million in the second quarter while total company revenues increased 20% to $149 million. For the first half, web sales were up 35% and total sales were up 27%.

 

Internet sales at Sharper Image Corp. increased 14% to $20.4 million in the second quarter from $17.9 million in last year`s second quarter, the company reports. Total company revenues increased 20% to $149 million from $124.7 million in last year`s second quarter. Store sales increased 17% to $86 million from $73.2 million in last year`s second quarter, while comparable store sales increased 1%.

The company earned $700,000 in the quarter, down from $800,000 in the year-ago quarter.

In the first six months, web sales at Sharper Image, No. 62 in Internet Retailer`s Top 300 Guide to online retialers, increased 35% to $46.7 million from last year`s $34.5 million. Total revenues increased 27% to $305.4 million from last year`s $241 million. Store sales increased 21% to $167.3 million from $138 million in the prior year, while comparable store sales increased 4%. The company earned $2.8 million in the first half, up from $1.5 million in last year’s first half.

"While we recorded record revenues in the second quarter, they were below our expectations," said Richard Thalheimer, founder, chairman and chief executive officer. "Total company second quarter revenues were up 20% on top of last year`s second quarter 24% gain; catalog/direct marketing sales, which includes TV infomercial and wholesale sales, were up 28% over last year`s 11% sales increase; Internet sales were up 14% over a huge 47% increase during last year`s second quarter."

He added: "Retail sales were affected by less than anticipated television infomercial media availability and higher media rates, producing generally lower sales, particularly during the second-half of July`s election-related media spending. Gross margin was also adversely impacted by approximately one percentage point by a small sales channel shift this quarter from retail sales to wholesale sales."

 

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